KY Real Estate Exam Prep
Questions and Answers
What do Datums and Benchmarks measure? - -Elevation
- Joint Tenancy - -The joint ownership of property by two or more co-owners
in which each co-owner owns an undivided portion of the property. On the
death of one of the joint tenants, his or her interest automatically passes to
the surviving joint tenants.
- What is a Preliminary Report? - -Issued by title insurance companies
- gives buyers an overview of title history and any liens/encumbrances
- it outlines what insurance companies will/wont cover on its policy
- Easement Appurtenant - -Runs with the land
- grants the right to use adjoining land
- Civil Rights Act of 1866 - -Prohibits any exceptions for discrimination
based on race/color
- What is the Superfunds Amendments and Reauthorization Act (SARA)? - -
Amendment to CERCLA that says 'innocent landowners' arent responsible for
clean up of hazardous contamination
- What is the purpose of Building Code ? - -It establishes workmanship
standards when someone is building an addition to their property
- Developer that has a project planned that doesnt conform to the
community zoning regulations and wants to make a change request would
make a request to who? - -the Zoning Board of Appeals for a variance
- What is a right to use timeshare? - -It conveys the right of POSSESSION
but not ownership
(therefore cant be passed on or sold)
- What do lenders consider equally - -Borrower and Property
- the property's value (collateral) and the borrowers ability to repay the loan
- What is a Bridge Loan? - -A temporary loan often used by buyers who have
not yet closed on their prior property
- short term
-interest only
- What is a Land Contract? - -Buyer will pay the seller.
, - Seller will hold legal title of the property during the term of the loan
- In a PUD (planned unit development) who owns the common areas? - -The
common areas a jointly owned and maintained by the condo owners or HOA
- What is a Cash Flow Report? - -Usually created monthly and shows the
current financial status of the property
- accounts for income received (rent) and expenses (utilities, personnel,
repairs)
- What is an Attachment Lien? - -When the courts place an encumbrance on
the property of a defendant in a lawsuit for monetary damages
- ex: damages related to a car accident
- When does Acceptance occur? - -When all parties have signed a given
contract
- When does Binding Acceptance occur? - -When the accepted offer is
delivered
- What is the highest fine that KREC can impose for a single charge of
improper conduct? - -$1,000
- Which of the following compensations may a KY broker pay to a TN
licensee? - -A referral fee and/or commission
- How long must KY transaction records be retained for? - -5 years from the
consummation date
- Who is responsible for completing the Condo Seller Certificate? - -The
Condo Association completes it upon the request of the seller
-they have 10 days to complete
- In KY when a tenant finds themselves in a DV situation and must get a
protective order what can they do? - -They may terminate the rental
agreement early, giving 30 days' written notice
- When is a Lead Paint Disclosure required? - -For any home built before
1978
- What contract provision will buyers use to specify which items they would
like included as part of the sale? - -Inclusuions
- appliances, washers, dryers, fridge
- All real estate contracts must be...? - -In writing
Questions and Answers
What do Datums and Benchmarks measure? - -Elevation
- Joint Tenancy - -The joint ownership of property by two or more co-owners
in which each co-owner owns an undivided portion of the property. On the
death of one of the joint tenants, his or her interest automatically passes to
the surviving joint tenants.
- What is a Preliminary Report? - -Issued by title insurance companies
- gives buyers an overview of title history and any liens/encumbrances
- it outlines what insurance companies will/wont cover on its policy
- Easement Appurtenant - -Runs with the land
- grants the right to use adjoining land
- Civil Rights Act of 1866 - -Prohibits any exceptions for discrimination
based on race/color
- What is the Superfunds Amendments and Reauthorization Act (SARA)? - -
Amendment to CERCLA that says 'innocent landowners' arent responsible for
clean up of hazardous contamination
- What is the purpose of Building Code ? - -It establishes workmanship
standards when someone is building an addition to their property
- Developer that has a project planned that doesnt conform to the
community zoning regulations and wants to make a change request would
make a request to who? - -the Zoning Board of Appeals for a variance
- What is a right to use timeshare? - -It conveys the right of POSSESSION
but not ownership
(therefore cant be passed on or sold)
- What do lenders consider equally - -Borrower and Property
- the property's value (collateral) and the borrowers ability to repay the loan
- What is a Bridge Loan? - -A temporary loan often used by buyers who have
not yet closed on their prior property
- short term
-interest only
- What is a Land Contract? - -Buyer will pay the seller.
, - Seller will hold legal title of the property during the term of the loan
- In a PUD (planned unit development) who owns the common areas? - -The
common areas a jointly owned and maintained by the condo owners or HOA
- What is a Cash Flow Report? - -Usually created monthly and shows the
current financial status of the property
- accounts for income received (rent) and expenses (utilities, personnel,
repairs)
- What is an Attachment Lien? - -When the courts place an encumbrance on
the property of a defendant in a lawsuit for monetary damages
- ex: damages related to a car accident
- When does Acceptance occur? - -When all parties have signed a given
contract
- When does Binding Acceptance occur? - -When the accepted offer is
delivered
- What is the highest fine that KREC can impose for a single charge of
improper conduct? - -$1,000
- Which of the following compensations may a KY broker pay to a TN
licensee? - -A referral fee and/or commission
- How long must KY transaction records be retained for? - -5 years from the
consummation date
- Who is responsible for completing the Condo Seller Certificate? - -The
Condo Association completes it upon the request of the seller
-they have 10 days to complete
- In KY when a tenant finds themselves in a DV situation and must get a
protective order what can they do? - -They may terminate the rental
agreement early, giving 30 days' written notice
- When is a Lead Paint Disclosure required? - -For any home built before
1978
- What contract provision will buyers use to specify which items they would
like included as part of the sale? - -Inclusuions
- appliances, washers, dryers, fridge
- All real estate contracts must be...? - -In writing
